Real-Estate is a growing market in India with a lot of commercial as well as residential projects coming up. This growth in the Real-estate has spurt investment inflow from all the sections of the society, including NRI. In the last decade, the real-estate sector has undergone a radical change with the advent of new technology and rise in per capita income. With this renaissance of the real-estate sector, the dynamics of sale and purchase have also changed. A lot of brokerage firms have emerged who offer comprehensive services from looking suitable options for you to finalising a real-estate deal for you. Apart from Brokerage firms, real-estate developers also have their own agents who help you find a suitable property in their projects. While having a know how about the ongoing prices of the property is a welcome sign, what is more important is having a reputed and trustworthy developer who will deliver on his promises.
Although the Government of India is working towards better regulation of the real-estate sector for the benefit of the consumers, it still has a long way to go. Thus, it is imperative for the buyers to get a thorough background check before signing any contract.
Few checks that must be done prior to finalising any property or signing a contract are:
- The first step should be to check into the past records of the developer to make sure that the company is genuine. For this, the buyer must check all the compliance documents and registry details before finalising anything. It is also helpful to get to know about the previous projects undertaken by the developer to have a better insight into the company and their work.
- Once you are convinced of the genuineness of the developer, make sure that the contract includes all the necessary details and clauses. The contract must include the payment schedule, possession details apart from the details of the property purchased. Further, it must include the clause for compensation in case of non-compliance of the terms by the developer. As the delay in possession is one of the major problems faced by the buyers at the hand of real-estate developers, especially the NRI. Thus it is crucial to have this clause included to protect yourself against any monetary loss.
Since a Contract holds the key to any deal, it is foremost to have every point and clause clearly mentioned so as to be able to hold the developer liable for it in case of any delay or misappropriation.
To protect our clients from any kind of fraud and cheating our legal experts undergo extensive research about the builder, property and help in furnishing a contract that safeguards them. It is highly beneficial for NRI to hire the services of legal experts right at the beginning of the process as real estate sector in India is very different from that in the west. A good counsel will enable them not only to find a good property at a reasonable price but will also take care of the legal matters, like documentation, registration etc.